Residence Permit in Cyprus

Cyprus is a very welcoming destination for foreign investors but for natural persons as well. In order to live in Cyprus, non-residents must apply for residence permit. According to the new law, however, people buying property in Cyprus have the right to obtain a residence permit. Since Cyprus is an EU member state, EU residents are not required to apply for residence permits, but for non-EU citizens obtaining a residence permit is necessary and they can opt for a temporary residence permit or for a permanent residence permit provided some conditions are met.

The temporary residence permit in Cyprus

Non-EU citizens applying for a Cypriot temporary residence permit must know that they need to submit their application with the Civil Registry and Migration Department and that the residence license usually has one to four-year validity.

In order to apply for a residence permit in Cyprus the following documents must be submitted:

• the passport;
• a copy after a bank statement;
• documents proving incomes;
• four passport-size photographs;
• copy after the property acquisition contract;
• medical insurance;
• establish individual bank guarantees for each family member in a Cyprus bank, with varying amounts based on nationality: €550 for Eastern European countries and Russians, €350 for Middle Eastern countries, and €850 for Asian/American countries.

At the level of 2024, those who want to obtain temporary residency in Cyprus can benefit from the support offered by our law firm.

The permanent residence permit in Cyprus in 2024

Non-EU nationals can also apply for a permanent residence license if they can prove that they can provide for themselves and their families and if they have lived for 5 consecutive years in Cyprus. Permanent residence permits in Cyprus have categories and requirements exist for each category as follows:

• the first category is for people that have a bank account in a Cypriot bank;
• the second category is for investors interested in setting up a companies in Cyprus;
• the third category is also for investors, but for those wanting to open a business division. These investors will have to inject a minimum capital of 300,000 EUR;
• minimum annual secure income for main applicant increased to €50,000 (previously €30,000);
• minimum annual secure income for each minor child raised to €10,000 (previously €5,000);
• minimum annual secure income for spouses increased to €15,000;
• unmarried children aged 18 to 25, proven to be higher education students abroad and financially dependent on the applicant, can submit separate applications for an Immigration Permit by paying the corresponding fee;
• additional annual income of €10,000 required for each dependent child if separate application is submitted by unmarried children between 18 and 25 years old;
• the fourth category is for employees.

The following documents must be submitted in order to receive a permanent residence permit in Cyprus:

• passport;
• copy after the property acquisition contract;
• copy after the payments to the seller of the property;
• a copy after a bank statement;
• documents proving incomes;
• four passport-size photographs
• a guarantee letter from the bank in Cyprus.

If you need support in applying for a residence permit for Cypurs in 2024, our lawyers are at your service.

The long-term residence permit of the European Union in Cyprus

Non-EU citizens can obtain a long-term residence permit if they have lived in Cyprus for five uninterrupted years. Long-term residence permits in Cyprus are valid for five years and can be renewed.  Applicants for long-term residence permits must be aware that they will have to prove they have the means to provide for themselves and for their families and adequate housing.  The applicant must submit the following:

• a valid temporary residence permit;
• proof of payments made in the last five years for tax return purposes and social insurance;
• statements issued by the bank;
• certificate issued by the tax authorities in Cyprus;
• passport;
• copy after the property purchase or lease contract;

Other documents can also be asked from the applicant. The process for obtaining a Cyprus long-term residence permit in 2024 takes about six months.

Why move to Cyprus in 2024?

Cyprus is one of the most open destinations for foreign citizens and investors seeking to immigrate. Those who want to move to Cyprus in 2024 can apply for various types of residence permits through simplified procedures.

If you want to apply for Cypriot residency in 2024 you can rely on our law firm which will be at your service with tailored services. Our lawyers will explain the entire procedure and the documents to prepare in accordance with the type of permit sought. Please find below some immigration statistics for Cyprus:

• The net migration rate for Cyprus stood at 4.078 per 1000 population in 2023;
• In 2022, it was recorded at 4.107 per 1000 population.

If you have any questions about the procedure of obtaining a residence permit in Cyprus in 2024, our lawyers will answer them.

If you want to open a company and need details about the residence permit you can contact our law firm in Cyprus.